In a major address in Perth, Secretary to the Treasury, Dr Martin Parkinson, said “it is hard to overstate the need for reforming the tax system”. At the same time, he says that if Australia’s public finances are not placed on a sustainable footing, tax reform becomes more difficult as time passes. The Government has…
The Commonwealth Bank on Fri 11.7.2014, announced that former High Court Judge Ian Callinan has been appointed to head up the Bank’s independent Review Panel as part of its Open Advice Review program following the recently released report of the Senate Economics References Committee into the performance of ASIC. The Committee said its report examined in…
A motion moved by Senators Dastyari (ALP) and Whish-Wilson (Greens) for the disallowance of the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was late Tue 15.7.2014 defeated in the Senate by 34 votes to 31. Those regs will now stand although the Government has announced that, following discussions it had with the Palmer…
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was tabled in the Senate Thur 10.7.2014. This followed a vote in the Senate requiring the tabling of the Regulation. It is a disallowable instrument which the Senate can now vote on. The Regulation was registered on 30 June 2014 to give effect to the Government’s proposed…
RevenueSA on Fri 11.7.2014, released 2014-15 Payroll Tax Guide to Legislation along with Information Circular 73 which advises the payroll tax rate and threshold for 2014-15 and the motor vehicle and accommodation allowance exempt rates. [LTN 132, 11/7/14]
RevenueSA has issued the following Information Circulars: Information Circular 70 advises the interest rates applied to tax defaults or refunds for 2014-15. Information Circular 71 and 72 provide a summary of changes for land tax and the emergency services levy. RevenueSA has also released 2014-15 Land Tax Guide to Legislation which provides a guide to…
The Qld Office of State Revenue has updated the following Public Rulings: Public Ruling TAA000.1.6 (Part 6 of the Taxation Administration Act 2001 (Qld) – objections, reviews and appeals) – clarifies the objection, appeal and review rights available to taxpayers. The Ruling took effect on 1 July 2014. Public Ruling DA000.1.3 (Private rulings on unexecuted instruments or…
A taxpayer has been unsuccessful before the Supreme Court of Victoria in arguing that a transfer of land to it to act as “agent” for partners in a partnership was exempt from duty or was liable to a nil assessment only. The matter involved the transfer of 3 blocks of land to the taxpayer. Under…
The Qld Office of State Revenue (OSR) has updated Public Ruling TAA060.1.5 (Remission of unpaid tax interest). Given the abolition of mortgage duty from 1 July 2008, the OSR says references to reassessments of mortgage duty under s 291 of the Duties Act 2001 (Qld) have been removed from the examples of exceptional circumstances in which the Commissioner may exercise…
The ACT Revenue Office has released the following updates: Land tax 2014-15 – new marginal rates for residential land tax; Interest rates for 1 July 2014 to 31 December 2014; Changes to the Land Rent Scheme for land rent leases entered into on or after 1 October 2013; Rates and Fire and Emergency Services Levy – changes for 2014-15; First Home…